Pension system is ‘not sustainable’

The sustainability of Ireland’s pension system is among the worst in the world and could result in workers facing the growing prospect of poverty in retirement, a global study has found.

The 2014 Mercer Global Pension Index (MMGPI) ranked Ireland 20th of the 25 countries surveyed in terms of the sustainability of its pension system amid concerns over the country’s future ability to meet the cost of paying pensions.

The country’s overall system — taking account of adequacy, sustainability and integrity — was given a C+ grade; a score deemed “middle of the pack” which placed Ireland at 11th in the rankings.